Provenir has partnered with YapStone, a payments-as-a-service (PaaS) solution provider, to provide YapStone with instant merchant onboarding and monitoring capabilities.
The partnership will help YapStone to streamline innovations with marketplace payments while supporting Provenir with scalability and flexibility to process anticipated annual volumes.
YapStone has already implemented Provenir solutions for its know your customer (KYC), anti-money laundering (AML), and fraud and risk assessments.
Bruce Dragt, executive vice president of product at YapStone, said: “YapStone maintains a competitive edge by mitigating risk for its marketplace partners in real-time while assuming the liability for each transaction.”
He added: “Provenir also proved they could provide high levels of automation for merchant onboarding while supporting real-time, low-latency processing. Their no-code, visual tools made it very easy for us to design and configure our business process and go live quickly.”
Paul Thomas, managing director of Provenir, commented: “YapStone is operating in a burgeoning economy where large global marketplaces are growing at an overwhelming pace.”
He added: “The growth of these marketplaces has exponentially increased the opportunity for YapStone as a marketplace payments service provider that can underwrite a large volume of payments and bear the liability while its partners focus on growth.”
